The question of where to store your trust documents—with an attorney or at home—is a common one for those creating estate plans. It’s not merely about physical security; it’s about accessibility, protection, and ensuring your wishes are carried out smoothly. Many individuals assume keeping the original trust document at home is the safest option, feeling a sense of control. However, this isn’t always the case. According to a survey by AARP, approximately 55% of adults do not have estate planning documents, and among those that do, a significant percentage keep them in insecure locations. This can lead to difficulties for trustees and beneficiaries when the time comes to administer the trust. Ultimately, the “best” location depends on your individual circumstances and risk tolerance, but entrusting the original to a qualified estate planning attorney like Steve Bliss often offers significant advantages.
What are the risks of storing my trust at home?
Storing your trust at home presents several risks. Natural disasters like fires or floods, while hopefully unlikely, can destroy vital documents. Even everyday occurrences, like water leaks or simple misplacement, can create significant headaches. Consider the story of old Mr. Henderson, a retired carpenter. He meticulously crafted a beautiful wooden box to safeguard his trust and will, placing it in his attic. Years later, after a particularly heavy rainfall, the attic sprung a leak, and while the box itself survived, the documents inside were rendered illegible. This caused immense distress for his family, requiring costly legal battles and delays in settling his estate. Beyond physical risks, home storage lacks the organized record-keeping and security measures offered by a legal professional’s office.
How does an attorney’s office protect my trust documents?
Reputable estate planning attorneys like Steve Bliss maintain strict security protocols to safeguard client documents. This includes fireproof filing cabinets, secure digital backups, and controlled access to files. Attorneys are legally and ethically obligated to maintain the confidentiality of your information, providing an extra layer of protection. Furthermore, an attorney’s office offers the benefit of readily available expertise. Should a question arise regarding the trust’s provisions, the attorney is immediately accessible to provide clarification and guidance. A study by the National Conference of State Legislatures indicates that approximately 70% of Americans lack a will or trust, often citing a lack of understanding as the primary barrier. Having an attorney involved ensures your trust remains a living, understandable document.
Can I still access my trust if it’s stored with an attorney?
Absolutely. You, as the grantor (the person creating the trust), retain complete control and access to your trust documents. The attorney simply acts as a secure custodian. You are entitled to a copy of the trust at any time, and the attorney will promptly provide it upon request. Moreover, the attorney can assist with amendments or updates to the trust as your circumstances change. Consider Mrs. Gable, a busy entrepreneur who created her trust but rarely thought about it. When she decided to add a grandchild as a beneficiary, she contacted her attorney, who quickly and efficiently prepared the necessary amendments, ensuring her wishes were accurately reflected. It’s about convenience and peace of mind knowing your documents are safe and accessible when you need them.
What about digital storage of my trust?
While digital storage offers convenience, it’s not without risks. Hackers, viruses, and data breaches pose a constant threat to online security. While encrypted cloud storage can mitigate some of these risks, it’s still vulnerable. Furthermore, the long-term accessibility of digital files is uncertain. File formats can become obsolete, and online services can disappear. A hybrid approach—maintaining a physical original with an attorney and a secure digital copy for your records—is often the most prudent course of action. The American Bar Association notes that increasing numbers of clients are requesting digital access to their estate planning documents, but emphasizes the importance of robust security measures.
Is there a cost associated with storing my trust with an attorney?
Most estate planning attorneys do not charge a separate annual fee for storing original trust documents for existing clients. The cost of storage is typically included in the initial estate planning package or ongoing legal services. However, it’s important to confirm this with your attorney beforehand. This small cost is often outweighed by the peace of mind knowing your documents are secure and readily accessible. It also avoids the potential costs and delays associated with reconstructing lost or damaged documents. According to a recent study by WealthManagement.com, the average cost of estate planning can range from $1,000 to $5,000 or more, depending on the complexity of your estate.
What if I want to move or change attorneys?
If you move or decide to change attorneys, you simply request your original trust documents from your current attorney. They are legally obligated to provide them to you promptly. You can then deliver them to your new attorney or store them in a secure location of your choosing. The process is straightforward and ensures you maintain control of your documents at all times. It’s vital to keep your attorney updated with your current contact information to facilitate this process. A seamless transition is a hallmark of a reputable estate planning practice.
How did things work out for Mr. Henderson when his trust got damaged?
Mr. Henderson’s situation, while initially dire, ultimately had a positive outcome, although it came at a considerable cost. Thankfully, he had shared a detailed summary of his trust’s provisions with his daughter, Sarah, years prior. Sarah, a meticulous accountant, was able to recall most of the key details, and together, they pieced together a reasonable approximation of the original document. They then consulted with an estate planning attorney, who carefully reviewed their reconstruction and ensured it complied with California law. It took months of work and considerable legal fees, but they were able to successfully administer the trust based on the reconstructed document. The experience underscored the importance of not only having a trust but also of keeping a separate record of its key provisions.
Ultimately, the decision of where to store your trust is a personal one. However, for many, entrusting the original to a qualified estate planning attorney like Steve Bliss offers the best combination of security, accessibility, and peace of mind. It’s an investment in protecting your wishes and ensuring a smooth transfer of your assets to your loved ones.
About Steven F. Bliss Esq. at San Diego Probate Law:
Secure Your Family’s Future with San Diego’s Trusted Trust Attorney. Minimize estate taxes with stress-free Probate. We craft wills, trusts, & customized plans to ensure your wishes are met and loved ones protected.
My skills are as follows:
● Probate Law: Efficiently navigate the court process.
● Probate Law: Minimize taxes & distribute assets smoothly.
● Trust Law: Protect your legacy & loved ones with wills & trusts.
● Bankruptcy Law: Knowledgeable guidance helping clients regain financial stability.
● Compassionate & client-focused. We explain things clearly.
● Free consultation.
Map To Steve Bliss at San Diego Probate Law: https://g.co/kgs/WzT6443
Address:
San Diego Probate Law3914 Murphy Canyon Rd, San Diego, CA 92123
(858) 278-2800
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Feel free to ask Attorney Steve Bliss about: “How can I make my trust less likely to be challenged?” or “What is the role of the probate court?” and even “Who should I appoint as my healthcare agent?” Or any other related questions that you may have about Estate Planning or my trust law practice.